424 E 71st St - Freestanding FOR SALE


Chicago, IL 60619
$525,000 USD
312-925-8013
424 E 71st St, Chicago, IL for Sale
$525,000 USD
Freestanding - FOR SALE
1/6
null | 13.07% Cap Rate

424 E 71st St
Chicago, IL 60619


HIGHLIGHTS

  • 12.5% Cap Rate
  • Three Unit Single Story Retail Building
  • 100% Occupied with New Leases
  • Eligible for Neighborhood Opportunity Fund Grant

OVERVIEW

Incredible cash flowing strip center that is already producing a 12.5% Cap Rate. This is a prime three unit commercial corner property successfully run as a neighborhood street level retail center with longtime laundromat, nail salon and beauty supply tenants. Two tenants just executed three-year leases with 4% annual escalation while the third just signed a five-year lease with 3% annual escalations. Tenants pay for all utilities. This 100% occupied 4,800 SF freestanding three-unit building has 148 ft 71st Street frontage. Located in the Park Manor area of the Greater Grand Crossing community 9 miles south of the Loop. Easy access to the Eden's Expressway and The Skyway. Nearby intersection has 25,000+ VPD. Zoned B3-1 – Community Shopping District. Located in the 67th/Wentworth TIF District. The district is intended to foster new residential, commercial, and mixed-use development investment opportunities. Other grant options are possible, such as the Neighborhood Opportunity Fund and the R3 Grant.

FOR SALE DETAILS

PRICE

$525,000 USD

PRICE/SF

$109 USD /SF

CAP RATE

13.07%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1915

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

6,098 SF

ZONING

B3-1

APN/PARCEL ID

20-22-419-042-0000

ASK ABOUT THIS PROPERTY

Mikus KinsBe Commercial RealtyMore Info
312-925-8013

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Mikus KinsBe Commercial RealtyMore Info
312-925-8013

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.